The Reserve Bank of India wants to ensure that customers are compensated in case it takes too long to address failed transactions on UPI, payments banks and wallets, Aadhaar Enabled Payments System, among others. The central bank released a framework for this on September 20, which will come into effect on October 15, 2019. RBI said that “a large number of customer complaints emanate on account of unsuccessful or failed transactions”. Under the new framework, RBI has set up auto reversal timelines for failed transactions that'll have to be adhered to even if a customer doesn't register a complaint. There have been no mechanisms for consumer grievance redressal for failed transactions before this. Here is how customers would be compensated: UPI: If the user’s account is debited but the beneficiary’s account is not credited, the beneficiary bank should auto-reverse the money within 1…
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